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stuart: we're so flat out of time. we go straight to dagen and connell. go. connell: thank you very much stuart. good morning everybody i'm connell mcshane. dagen: i'm dagen mcdowell who just got punched by connell mcshane sitting right there. i wasn't even saying anything bad. that as day two of the democratic national convention marches on everybody. let's talk about the elephants in the room. our national debt now topping 16 trillion dollars. and the number of people on food stamps hitting a record, 1 out of 7 americans now part of that program. connell: then how competitive are we? this is not good news. we've dropped again, four years in a row, and now six different nations top the united states in the world economic forum's list of the most competitive economies. dagen: and this will go over well, in greece, calls to increase the workweek there to
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six days. say it ain't so. connell: say it ain't so. a lot to talk about today. at the top of the hour, before we talk about anything else, let's do stocks now as we do every 15 minutes with nicole petallides. disney today, all-time high. nicole: we have a long-term chart of disney to take a look at here. when you look at it year to date, up over 30%. hitting all-time high of 51.13. recently we found that between april and june, disneyland resort drew the most visitors than it ever had before in the same period. of course you think of disneyland, you think of disney resorts, you think of also media and film. films like the avengers for example. disney certainly has recent success and that is evident here in the stock up 2 1/2%. the major market averages the dow right now is up about 8 1/2 points. back above the 13,000 mark. we're watching europe very closely. the dollar is virtually flat, waiting any headlines out of the democratic national convention. doreen mogavero said anything from the polls could move the
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market as well. and of course friday, the jobs report. back to you. connell: that's right, the jobs report after the president's speech on thursday night. the democrats are in charlotte. michelle obama last night. bill clinton will speak tonight. the president himself tomorrow. will this be enough to give them the momentum? we have a big mitt romney supporter with us to start things off. jack gerard, the president and ceo of american petroleum institute live from charlotte where the convention is being held. how about it, jack, because a lot of people say you know what, romney didn't get a very big bounce out of last week's convention. now maybe the democrats will be able to build up a little bit of a lead here after the president speaks on thursday night. >> well, there's a lot of people that have different views about bounces and how big they should or shouldn't be. a lot of people suggest that really what's going on is you have very few people that are undecided. 3 to 6 percent that really haven't yet made up their mind. a lot of this election has already been cast. there's clearly a sharp choice here. there's a role for government, less government. we in the energy industry look at this as a very dramatic
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choice in terms of developing our own oil and natural gas right here on our own shores to help with the economic recovery. and while we hear about an all of the above energy plan, we don't believe that they are actually walking that walk. we're hopeful they will to put the economy back on track. connell: you have been on us with many times, when you are on, we talk to you specifically about energy issues. and that's all we talk about. one of the reasons i wanted to talk more about general politics today is i read that maybe mitt romney would consider you jack gerard as a chief of staff in a romney administration. is there anything to that that you know of? >> i just liken that up to washington silly talk. you know there's a lot of speculation about a lot of different things. fundamentally we need to be focused on job creation, economic recovery. that's why we're down here in charlotte, talking about what we can do in a nonpartisan way. energy shouldn't be a partisan issue. it should be pro-growth for democrats and republicans. connell: let me talk to you a little bit about what you brought up a few minutes ago and that's the fact there are very
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few undecided voters. if you look at numbers, read real clear politics every day, been reading the new york times, look at karl rove's map, all these maps show that the president is the favored right now. just about every map this time, even if you have 100, 120 votes up for grabs shows the president with the lead. is that fair to say? is that how you look at it from being a romney supporter that you have some ground to make up in the electoral college at least? >> i think as you look across the country, as a lot of people say, the election is really going to be decided by a few thousand voters in a half a dozen states. it boils down to those states. when you look at ohio, florida, my home state of virginia and others, that's really where the battle is going to be. getting back to our topic on energy, energy is a big issue in all those states. so we're really trying to encourage that conversation. let's talk about a national energy policy. we didn't hear much about it last night. we're hopeful we will hear more tonight. connell: speaking of energy, will high gas prices going to
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end up being a big election year issue? highest gas prices we have ever seen on labor day. we don't talk a ton about it. we do on this show, but i'm speaking more generally. >> well, there's lot of variables that contribute to the price of gasoline. of course crude oil being the primary reason. again, our view is as we contribute more supply to that marketplace, it will put downward pressure on that price which is really determined by the global price of crude oil. so it could be an issue. right now the focus just seems to be job creation, economic recovery, and again, the energy industry can contribute to that. connell: all right, jack. headlines of that earthquake, we will talk more about it, in costa rica. jack gerard from charlotte. thanks for being here. >> good to visit with you. dagen: mergers and acquisitions are about to take off. and there is money to be made. so says anton schutz, manager of a financial industries fund and the financial services fund. you have been talking about this all year, anton, maybe even
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longer, but we got that deal recently with the company buying hudson city for more than 3 1/2 billion dollars. is this the beginning or what hurdles do these banks need to get over to really pick up this activity? >> from what i'm hearing from people in the industry, everybody's speed dating right now and there's a lot of conversations going on. there's a lot of reasons for these companies to get together. but the beauty of where valuations are today, both sets of shareholders can win from a a smart transaction. not only did m and t go up the day of the deal, hudson city's price went higher than the announced price of the deal. that's really a nice situation for both sets of shareholders. m and t shareholders got greater earnings power and the hudson city shareholders got greater currency and a lot of upside to it. those are going to help drive transactions. everybody goes me too, i would love that transaction, love to do something like that. you look at low growth we have
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in this economy, a lot of reasons to get together to cut some costs. the top guys are out of this m ggim -- are out of this game. it's everybody down below that will get together. dagen: that was one of the interesting things where the acquiring bank can benefit as well as the the bank that is being bought. what kind of combinations are you looking for as an investor where that would be the case? what is the most logical? and are you more of an owner now of the banks that are going to obviously be bought as opposed to the buyers? >> yeah, i mean, i clearly have always focused on owning the targets. but in an environment like this, the buyers aren't hurting you when they do a smart transaction, so we have seen other transactions where the buyers stock has gone up recently. south carolina bank and trust another example, they bought a savannah bank and the stock price has done nothing but go up for that transaction.
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real win for those shareholders as well. in this environment, you don't have to be afraid. for the last time we had a real boom in this, 2007, you had to be afraid. you had companies like first union, wachovia going out and spending too much money, hurting their own shareholders, doing things like buying golden west or bank of america buying countrywide. those types of transactions ended up being very bad for their shir shareholders -- their shareholders. here we are it is nice that both sets of shareholders can win. i think this point in time in the cycle you do want to look for targets. you are not going to get hurt by owning the buyers either. that's a great environment to be in. dagen: anton, thank you very much. we will see you very soon. connell: back to the breaking news we have been covering, this earthquake and tsunami warning costa rica. we have been reporting on it here on fox business the last few minutes. 7.9 magnitude quake hitting costa rica.
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no immediate accounts of damage coming in just yet or injuries. we will obviously follow that. the pacific tsunami warning center has issued expanded regional tsunami warning and watch, parts of the pacific under either that tsunami warning or watch. to be clear about this, there was a tsunami watch that had been issued for the caribbean. that's been cancelled because it was meant for the pacific. apparently it was inadvertently sent to the caribbean. other warnings and watches still in effect. very serious situation with 7.9 magnitude quake costa rica. more to come as we get it. other headlines we're following for you today, greek tragedy? yeah it might be. a six day workweek in greece. the guardian is reporting several creditors including european commission, ecb and imf are demanding the government introduce a six day workweek and the letter calls on greece to radically change its entire labor market including minimum wage and overtime pay along with extending the workweek, part of the terms for a second bailout for the greeks.
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dagen: bill clinton getting ready to take the stage. we're live at the dnc about what he just might say this evening. connell: never a dull moment; right? as the nfl season kicks off tonight, there's some competition for president clinton. i have a one-on-one interview coming up in this hour with the new quarterback for the colts, number one pick of the draft, andrew luck. he actually has some pretty lofty goals for this year. 94.66, we were just talking about oil with jack gerard. that's where we are today. we will be right back.
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connell: the first lady last night michelle obama with the big speech at the democrat convention. tonight the former president bill clinton center stage in charlotte. dagen: peter barnes is on the scene in that fine city, in north carolina with more. hey peter. peter: hey dagen and connell. that's right, the big dog in chief is going to get the
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national spotlight tonight, you know when he does, it can get very interesting. i was in the briefing room at the white house in 2010 when president obama walked in with president clinton and gave a briefing, you recall that one. and then president obama said he had to leave and go to some function with his wife, two hours later, president clinton was done, but anyway, he's expected to stay on time tonight, according to aides, he is still writing his speech. he's not finished with the product. and on this question of whether or not the obama campaign will see a draft of the clinton speech before the speech, the aide tells fox news that senior campaign officials have spoken extensively with the former president about his remarks, reviewed carefully what he intends to say. he said quote we're working very closely with him. the former president has been given a a total running time to hit, but the aide added quote we
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want to give him as much time as he needs to make the case. it is an important speech. connell: peter barnes thank you. dagen: i tell you what, it's not going to be like clint eastwood's speech last week. connell: i think that's safe to say. dagen: quarter past the hour everybody stocks now and every 15 minutes. fedex down big-time. nicole? nicole: that's right. it's been a big loser in the s&p 500 and fox 50 index. it's a great economic indicator. basically saying their outlook is weak to a certain extent. and it is taking ups down along with it. first earnings drop that we have seen for fedex since 2009. and the stock really is reflecting that. it is down 1.3% right now and taking ups down along with it. it's all about the idea that china is not growing as fast as anticipated. as well as a tough global economy. there you have it for fedex. big picture for the dow nasdaq and s&p.
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the dow is back in the green, though the tech heavy nasdaq is slightly lower. the s&p 500 also to the down side. of course everybody's focused very much on friday's jobs report and anything that comes out of the democratic national convention as well. back to you. dagen: thank you nicole. connell: here's a number for you, a new report out shows a record number of americans on food stamps, 46.7 million around the country. it all comes as day two of the democratic national convention marches on, which we'll talk about. dagen: and walt mossberg is here, our favorite tech guru gives us the scoop on the new parallels that lets you run your windows on your mac. it's like dogs and cats living together. but first a look at how world currencies are faring today. tdd#: 1-800-345-2550 when i'm trading, i'm so into it,
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>> at 21 minutes past the hour, i'm juliet huddy with your fox news minute. a tsunami warning has been issued for much of latin america and parts of the pacific following 7.6 magnitude earthquake that struck costa e
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re -- costa rica. the u.s. geological survey says the quake rattled buildings, cut power to parts of the capital of san jose. we will give you details as they develop on that story. plus tests are underway to determine if old oil that washed up on louisiana beaches after hurricane isaac came from the deep water horizon spill back in 2010. officials have banned fishing in waters extending a mile off of the state's coast. u.s. officials sent warnings to 39 other countries that their citizens who stayed in cabins in yosemite national park this summer may have been exposed to a deadly rodent virus. those are your news headlines on fox business network. i'm juliet huddy. back to connell. connell: thank you very much. the number of people on food
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stamps has risen. roughly 1 in 7 americans around the country. as for the cost annually of the program it doubled in the last four years to more than three quarters of a trillion dollars every ten years. dagen: what did the democrats gathered down in the south have to say about that? with more we're joined by a former official in the clinton white house, now co-chair of a coalition. we get to see jim pinkerton all the time but elaine not you. it seems like that would not be a talking point in charlotte. will it be, do you think? >> i don't think they will talk about it, other than to say that we have a robust social safety net under president obama. when you have a dramatic recession, as we did starting in 2008, when the republicans were in office, when you have a recession like that, people lose their jobs, and even when they get jobs, sometimes they don't get jobs that pay as much money as the jobs they lost. so this is a classic safety net.
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it is working the way it is supposed to work. when we are out of this thing, there will be fewer people on food stamps. dagen: elaine that does raise the issue because as these programs grow, as entitlements overall grow, and to be fair, the farm bill during president bush's administration, the farm bill gave rise to some of the growth in the food stamp program, also the pelosi congress, also the stimulus package. there's plenty of blame to go around. but there's been some movement to cut the food stamp program, just, you know, by small amounts, and you hear screeches out of some democrats because of that. do you believe that this will ever be cut back in size as the economy gets back on its feet? >> well, of course it will be cut back in size because it naturally happens. as the economy gets back on its feet, fewer and fewer people qualify for food stamps in the first place. these entitlement programs whether it's food stamps,
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unemployment insurance, medicaid, they go up and down with the health of the economy. that's what a social safety net is, and you don't cut it while you're still recovering from a terrible recession with a lot of job loss. dagen: that raises the issue, you have food stamp program that's doubled in size in the last four years. it's costing us over a decade, three quarters of a trillion dollars, and the economy, if you listened to the president all year, it is on firmer ground, so why isn't it shrinking is the question? >> well, because the economy is on certainly on firmer ground than it was in the fall of 2008 when the economy was heading us right down into a great recession. but it still isn't all the way back. and the job growth isn't what it needs to be, and people don't have jobs that are at the same level that they used to be. so what's going on here is that as this economy moves back into a good economy again, these
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social net safety programs are going to work. when we get some better jobs and more job growth, social programs will drop back. dagen: if you're a democrat and you argue that the economy is better than it was four years ago, then at the same time you shouldn't have a record number of people on food stamps as of june of this year. >> that's not true because this -- everybody admits, even the democrats, that this has been a slow and steady recovery, but we are not where we need to be yet. and so as long as we are still moving in the right direction, and that's what the president has done, he has moved us in the right direction, nonetheless, there are still people who need some kind of income support, and that's what a social safety net does. when we get by the end of the president's second term, when we've got more job growth as we've been seeing in his first term, we're not going to be talking about these programs. dagen: okay. elaine, i wanted to ask you
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about the big dog tonight. we can all tune in and watch president clinton speak tonight. i hope it is a good one. elaine thank you very much. >> he will be great. thank you, bye bye. dagen: somebody made the comment to me on twitter that something about they would take, you know, clint eastwood any day over bill clinton. i'm like you know what? they will both be entertaining in their own ways. connell: fair to say; right? according to to peter barnes, clinton is still working on the speech right now. it is in progress. dagen: it will be like 1:00 in the morning. and we'll get up to come to work and president clinton will still be talking. connell: new way to run windows on your mac. we will talk about technology with our good friend walt mossberg. walt will join us to tell you if this new software is worth opening up your wallet for. dagen: here are some of today's winners on the s&p 500:
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15 minutes we check the markets that stocks with nicole. looking at facebook. our daily update. green for a change. nicole: the daily update on facebook. we were telling you it was at an all-time low of 1755. of big difference from the $38 ipo price but today you see it with an up arrow more than 4% because one of the reasons is
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mark zuckerberg says he won't sell any of his insider shares until 12 months and that is a big deal. shows confidence. the employees will be allowed to sell. making it back and using existing caps and also do some borrowing to cover close to it $2 billion tax bill. not going to issue more shares or dilute shares and the ceo showing confidence. good news for facebook and exchange but nowhere near the $30 ipo price. connell: thank you for that. breaking news, taking markets a little bit. let's see how europe is closing for the day. just close up shop for trading today. the ftse in london down by 1%. the other markets we follow the cac 40 and the german dax up slightly in today's training. dagen: nokia unveiling its new windows-based phone but investors not quite sold on it.
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it as a 4.3 inch display and uses microsoft's new mobile operating system. steve ballmer was even on hand for the unveiling in new york but let's look at how nokia stock is faring today. it is of more than 11%. the ceo will be on in the next hour. there is microsoft romo, microsoft store, not very cool to be in there. that store was packed. seems like a wasteland. connell: not good. dagen: speaking of apple and microsoft if you want to run windows and mac programs quickly and easily without switching devices there's a program for that. connell: joining us from washington d.c. is walt mossburg and, personal technology column is that the wall street journal. dagen mcdowell running around the mall after tanning session making observations about the
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industry. >> just thinking about dagen mcdowell visiting the tech stores. dagen: i was in the verizon store and the microsoft store and the apple store. >> tell us about the parallel if you can. >> here is the deal. as long as we can remember there has been a community of people who loved the. that has grown. there are a community of people using windows still very large. but even as sales have picked up there are still the occasional windows program. quicken has a better version. your company might have a windows program you are supposed to use and you may want to run it so parallel has been around for a while. of program that creates a fake windows pc in software on your mac and your windows appss run
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alongside and what i reviewed this week was a new version capable of running the as yet unreleased new windows 8 on your mac. dagen: this is not a review of windows 8 but it has touchscreen features. what doesn't work if you were microsoft only or windows only? >> two things. ys don't have touchscreens. anything -- anything you would do to swipe and control things with your fingers won't work but they also won't work on the vast majority of all windows laptops people may want to upgrade to. some microsofts unbilled in comparable ways of doing it with the mouse or touch pad and it uses all of those so all the
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features of windows 8 can be controlled with your attached have or your mouse. connell: pretty much worth it. this is a busy time for you. every day there's a new launch. great time in personal technology. >> it is very busy. to answer your question this is a dollars and i do think it is worth it if you are somebody who is interested in running windows there when alongside your dad's particularly if you're interested in windows 8. they really have done a nice job. dagen: you think it is superior to its primary competitor which is fusion. and boot camp on the apple.
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>> reporter: i found it superior to fusion. in some years i picked fusion over parallels --i found it sup fusion. in some years i picked fusion over parallels -- i would go with parallels. dagen: you are welcome to walk not mall with me any time. >> we could go to the microsoft store. dagen: at&t, verizon and sprint. >> any of them. dagen: great to see you. you are looking live right now at the deck. $16 trillion is still moving hire. the foundation economy dropped for the fourth straight year on the list of the world's most competitive economy. connell: rich edson has a live report from the nation's capital. your the number and treasury yields.
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lori: i am lori rothman with your fox business brief. non-farm productivity increased at a faster rate than previously thought as your boss was able to squeeze a lot more out of you. according to productivity at 2.2% which is up from the initial estimate of 1.6%. shares of safeway jumped in with steps for the initial public offering of its prepaid gift card unit. black hawk network holdings depending on market conditions the supermarket chain will complete the idea next year. in the meantime investors are buying shares of dollar general after the discount retailer posted a huge jump in second quarter profits prompted to raise full-year earnings forecasts. the company announced an additional price of $1 million share buyback. that is the latest look at business from the fox business network giving you the power to prosper. care of legal matters. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawyer? well, legalzoom came up with a better way. we took the best of the old and combined it with modern technology.
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together you get quality services on your terms, with total customer support. legalzoom documents have been accepted in all 50 states, and they're backed by a 100% satisfaction guarantee. so go to today and see for yourself. it's law that just makes sense. connell: back to breaking news. in not warning issued for the
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pacific coast of panama, nicaragua after an earthquake, 7.6 magnitude of of costa rica. the issue that caribbean wide tsunami watch but withdrew that saying it sent out by mistake. this serious situation we continue to follow on markets now and we will talk in a moment about the national desk. more on the convention and today also is opening night for the national football league. we have a terrific interview for you on that topic. chance to have a talk with andrew lack, no. one pick of the draft and the indianapolis colts. asked what would be a reasonable goal. what is a reasonable goal for the team this year? >> we are trying to win football games. that is the bowl of every professional sports team. every amateur sports team out
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there. from what i understand if you can make the playoffs you get a chance to win the super bowl. we will try to make it to the playoffs and see where we go from there. connell: that is interesting. the talk before training camp started leading up to the draft was is it robert griffin iii. you did and the colts picked you. comparison years ago when peyton manning was the quarterback and the colts went with him -- worked out tremendous and you are taking his place. both of you could end up being terrific. if you were asked why should you be the pick, what would the answer have been? >> i don't know. i don't know. i have never been good at politics for myself. i admire robert's game a lot. and what he does. the colts saw something in me
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and felt i should be the no. one pick. i am happy they picked me and not going to worry about comparisons for other things. connell: as you enter a new season your first year in the nfl and all the controversy is about we don't even have actual nfl officials on the field at the beginning using these replacement officials. is that a concern for you? safety that some people are concerned about. your first game, no real officials. >> the last thing i worry about. i am trying to attack the chicago defense and whoever's officiating the game will do a great job. connell: how difficult is that, coming in from college and you ran a pro style offense and studying and studying, from college to professional level.
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>> it has been a learning process. and what different words mean. >> the language of every play book. is it different from college? >> it is a funny analogy. >> it is obviously eat you are associating yourself with different companies and looking at building a career for a business network. you have been doing that working with sponsors that how important is that side of your career? how much do you think of that? >> it is important to find things you are passionate about. as a quarterback you are in a position to have a positive influence on young people or old people and today partner with
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quaker oats in launching their super bowl contest which is encouraging to young kids to get out and be active and play sports and hike and run and jog and center on line but it is important to find like-minded ideals and go with that. connell: andrew bloch. no. one draft. they make you need a big jar of magic beans to make sure you win this year. connell: one of your nascar people sitting next to a box of whatever. dagen: a box of chinos or something. quarter till the hour almost. 14 minutes till the hour. nicole petallides is looking at d.c.. nicole: we are seeing bp to the downside because they're getting lambasted.
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everybody remembers in 2010 the spill in the gulf of mexico. the trial is underway and the justice department is ramping up its rhetoric against bp. obviously talking about gross negligence and willful misconduct and holding the british oil giant largely responsible for this skill which is the largest in u.s. history and it is still being focused on and it is down 3% of the day. we talked about the names like fedex, bouncing back and look at the dow leaders. walt disney hitting -- the dow is up 36 points and the nasdaq and the s&p have turned into the green in the last few minutes. connell: as democrats continued their convention in charlotte this week another number people are talking about is the national debt topping
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$16 trillion. dagen: rich edson is in washington d.c. with the latest. >> not so many people in town. and mention of $16 trillion at the democratic national convention, republicans went as far as posting two debt clock above delegates in tampa. once they released the daily balance sheet announcing the u.s. cross the $16 trillion threshold republicans jumped statements and comments blaming president obama. >> of all the broken promises, this debt, threaten in prosperity, guaranteing children and grandchildren get a diminished future.
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>> tax cuts increase the medicare program costs. he doubled the deficit and debt of the united states. >> and a failure to raise taxes on much of the federal debt. as for how to stop and solve aggressively, and what this election is all about. >> rich edson in d.c.. connell: what may be a golden opportunity whether you should be buying or selling gold. dagen: looking at that. you know what i hate more? the winners on the nasdaq. [ male announcer ] what if you had thermal night-vision goggles,
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connell: we are talking about gold. and nearing a six month high earlier in the week. dagen: there is even more in the trade. sandra: maybe dagen mcdowell is calling for tenders and drop. and jared levy illegal watching gold prices working with that $1,700 announcements. and $6 on the day. of big crowd saying gold overvalued at these levels where you stand. >> one thing you have to
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remember is technicals out the window. and tomorrow there's a lot of that bill in. china's numbers are not good. you had to look at that here. you the above meeting dollars and $0.53 and technicals change. now you have to stay wrong. >> watching the charts one thing everyone is watching his gold versus the stock market up 12%. gold underperforming up 8%. some say gold needs to play catch up because they're trading in correlation. >> we are looking at that earlier. i think a lot have been driven by qe. if you look at earnings in the s&p, and they continue to rally. i am watching 1730 at this point. it is just -- >> if we get above that it is
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going higher. >> 1850's the ultimate topic. above that everything is fair game. >> off to the races. jerrod bv. thank you so much. there you have it. >> are you convinced? gold. buying new gold. neil cavuto is coming up next. dagen: who would buy gold? connell: has an terrific covering these conventions. live tonight on the fox business network that he will be live on markets now next with cheryl casone and dennis kneale to talk about what is going on in charlotte. dagen: the ceo of nokia coming up in the next hour about the not so great reception in his company's windows-based phone is getting. trending topic on twitter. that is right. coming up.
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connell: we're back on markets now which is the place to be today. dagen mcdowell will tell you why. dagen: trending topics. ceo of a nokia. not any more. the dnc is a huge trending topic. i am not really looking at it. just ignoring connell mcshane. gives me -- i don't look so rude. connell: don't have to descend into that. dennis kneale and cheryl casone will take us through the next hour. dennis: i am dennis kneale. gerri: cheryl casone. the debt clock continuing to take near $13 trillion but barely a word about it at the democratic national convention. neil cavuto joins us from the dnc and he is talking about
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that. dennis: nokia taking a risk on its first windows-based phone. stock dropped 10%, 30 minutes. cheryl: stuart varney joins me on the debate over whether the economy is improving. just stick around and find out. dennis: nicole petallides on the floor of the stock exchange. >> looking forward to round 2. the nasdaq index in be slightly higher. the names making top headlines, that has come under pressure taking ups down with it. you will be talking to the mayor of nokia on the day of their new found so that is using software down 10%. disney all time high consolation
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brand, take a look at those constellation brands which are in the alcohol industry. you could talk about wines and vodka and jack daniel's. they have done well with that and then there's facebook up 4.3%. mark zuckerberg has this going on even though pretty soon he can in the next 12 months and also you get money elsewhere to pay off tax bills. a won't issue new stock. two pieces of good news. cheryl: thank you very much. son to -- fun to see you in person. the debt clock is ticking up $16 trillion but democrats meeting in charlotte ignore that staggering number. we are joined by neil cavuto. you are not ignoring it. i was watching you yesterday. neil: what is amazing is they always consider, the whole side is dysfunctional but that is a
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pretty big number to ignore. one very good speaker cap from michele obama. whenever the analogy is. no one made reference, and we inherited a mess, and it was not all our fault. nor were the weak economic numbers. construction spending down 0.9%. and all numbers seem to show, and democrats add to what republicans were saying next week to fully embrace it and endorse it. have very good strategy not hiding but point at one human
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interest story after another. it cost a good deal and taxpayers were saddled with a big bill as of results but it is all in how you sell and the speakers one after another have been good at selling it and that is what these conventions come down to. in the end we will be back where we were before the conventions began. a tight race both picking their argument but it comes down to you want more government and the wonders that can be mold or you want to rein it in and try to reverse the direction. that is what this is down to and it will be a reminder as well with bill clinton speaking tonight about the in between rolled government can play to foster private initiative and we are told bill clinton is working on the finishing touches of that speech which may or may not run by the obama folks. dennis: the first two thirty years of our nation we came up to $10 trillion long-term debt and we tack on another
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$5 trillion in the last four years is remarkable. are democrats saying the spending is justified? not even mentioning deficit as the fear factor at all. >> i know it sounds crazy. sort of like the elephant in the room but it is not coming up. when i raise it with one guess after another they embrace the spending. governor deval patrick of massachusetts and a close friend of president obama, put it in a way that crystallized get a backbone. don't hide from this. show how good it has been for this country and standing up for the middle class and for folks who need it and needed the stimulus and needed a boost and all because of republicans' trying to stop that and -- what ever the strategy is is how you
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sell it. cheryl: at the convention last night, democrats had a nasty tone attacking romney. >> put simply women in america cannot trust mitt romney. >> if mitt romney was santa claus he would fire the reindeer and outsource the elves. >> they hide their money in swiss bank account than shift our jobs to china. >> when it comes respecting women's rights mitt romney said no. mitt romney just doesn't get it. >> what do you think? >> we have seen mitt romney embrace his wealth and respect so democrats will counter and say he is a fat cat who has gotten rich off of the lay of the land. it may work to his advantage. we already know these polls that
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are out including one that shows 52% of americans think things are getting worse, not better and 50% think stimulus was a waste of money, might be preaching to acquire all be at the 20,000 plus choir. sometimes these conventions can be tone deaf. you can vote republican but i am saying the message is beyond these convention sites and letting people think when you are doing is the right course. when republicans say to rain this in democrats they don't rein it in. for get drill baby girl. spend babies than the. our problem isn't we spend too much but we didn't spend enough. if you make a virtue out of what is seen as a polling vice. cheryl: going to watch you tonight. you want to join neel at 8:00
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eastern time for television's best coverage of the democratic national convention. dennis: with a focus on politics and the election our next guest said the fed is a bigger threat to the economy and the markets. gary is here, what do you mean by that? >> first off the fed continues to interfere and to manipulate the markets. not a day goes by where another fed head is not out talking about the markets and now it seems every week waiting for something new for a whole two weeks. we were waiting for jackson hole and what the fed is going to say. he said nothing or did say something and the market took it one way and then the other and we get to wait for the fed meeting next week and maybe they will do something and maybe they won't. it is too much and long term the market will wake up and start buying back at this guy. dennis: i read a chilling statistic in your most recent column. you said that the fed has bought 60% of the ten year treasuries
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issue in the past year by our federal government. it sounds like one big ponzi scheme. >> you can use the term ponzi scheme. i use the term manipulation. the fed says they are happy. doing this enabled interest rates to come down but here's the problem. we are dealing with free markets right here and they are no longer free and what happens when they have to get out of the way? what is the bond market going to do? interest rates are based on how much debt is outstanding and i have news for you. if we had a free-market interest rates would be much higher because we are at $16 trillion and the next four years will be $20 trillion. i am worried with all this interference in the market and by the way the fed came out amazingly, ben bernanke said during jackson hole that one thing they have done is enabled the markets to go higher. that is not their job to make the markets go higher but they think it is and i am wondering when the market will wake up and
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fight back. dennis: everyone is expecting the markets to do more extension of twist or some q e 3 or something next week. will they ease next week? what should they do if you are so critical of them being a danger to the economy? >> i want them to get out of the way. is constant interference is a pain in the rear end. as someone who manage my own money and other people's money i don't want to sit each week waiting for one man's decision on whether he is going to print money or not and to increase deficits, that negative longer-term and the big worry is this fed and alan greenspan were great at one thing only -- easing monetary policy, causing bubble leading to more easing and monetary policy to fix those bubbles and who knows what happened? the last bubble breaks was the huge explosion in the housing market. if that is the case -- dennis: at some point you got to
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stop drinking. appreciate it. cheryl: don't go anywhere because coming of stuart varney and i continue this debate. stuart: we got to reform entitlements at the national level just like he has done at the local level. cheryl: he went after teachers on a national platform. [talking over each other] dennis: giants and cowboys kickoff the nfl season tonight. we will tell you who the real winners are as we do every day this time. before copd...
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>> ready for some football lads? national football league kicks off tonight. the new york giants will defeat the dallas cowboys in new jersey. marks the return of the most popular and most powerful and expensive franchise in television. sponsors could not be happier. tv ads were 90% sold out two weeks ago. $540,000 per thirty-second spot. but like will unveil a new campaign, and pigskin and fantasy football and promotional codes, 32 bottles of beer and down and dirty sponsoring all
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nfl teams and the out packers t-shirts to every fan in the stadium in green bay. other advertisers like pepsi and gatorade and tropicana and gmc trucks and we will have a little football between that. almost 15 past the hour. stocks every 15 minutes. shares of yelp on the move. nicole: taking a look at a few things going on. they have a lot expired. the shares have been soaring and the c e o making positive comments touting growth and when you have a ceo talking so optimistically about growth and the future of the company the stock will reflect that almost immediately and we are seeing exactly that. is up 30%. jeremy was speaking out at a citygroup conference looking for ads that work well and the playbook is working so he sees
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growth and that is why the stock is popping. >> the economy improved gradually in july and home sales up 20% from a year ago. and the economy is improving but stuart varney is the host of "varney and company," says -- stuart: you are wrong. if you say the economy is improving that assumes there is a sense of direction the economy is going in the right direction. it is weakening. 4% growth at the end of last year. 2% in the first quarter this year 1.7% now. wrong direction. it is weakening. the debt, $15 trillion last year. $16 trillion now. is going up. gas $1.84. most americans pay $4. wrong direction.
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$54.9 a year, four years ago. was $4,000 less. wrong direction. you cannot say that the economy is improving. cheryl: we are better off than we were six months ago. look at the housing data. there is now more demand supply. [talking over each other] stuart: overall the economy is weakening. the direction is down. gas prices up. food prices up. everything going in the wrong direction. i grant you there's not one element. home prices have gone up 2% after falling 30%. the best you can say is bumping along the bottom. cheryl: we have a recession in the housing market. was depression. we have come out of that ad have
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people -- [talking over each other] stuart: going back to the worst of the worst and staying because we are no longer at the worst of the worst we must be improving. that is a stretch. you cannot say at this moment in time the economy is better than it was six months ago. cheryl: it is healthy. stuart: it is not. have you seen the gdp? 1.7%. the american economy has slowed to 1.7% growth from 4% growth nine months ago. is that an improvement? tell me. is that an improvement? cheryl: i will give you that. unemployment is still at stuart: income. [talking over each other] cheryl: if you look at gradual
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signs -- because of ben bernanke, and i said no. he will not make this announcement come this month in september because the data has been improving. cannot make the argument, print more money on the day is looking at. stuart: the economy is improving, the economy is getting cheryl: yes. [talking over each other] stuart: even though you have gone from 4% growth to 1.7 and unemployment has gone to 8-3 and income has gone down and gas has gone straight up. despite all of that you say the economy is improving and i say you are wrong. i think you are wrong. cheryl: thank you. my final appearance on "varney and company".
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stuart: certainly not. dennis: capitalism is optimism monetized and cheryl is selling the hope. online shopping sites to collect sales taxes. the president of the council shopping centers is here next and nokia undoing its windows-based phone, in 30 minutes to explain the situation. here's how the world currencies are ferrying at the u.s. dollar today. [ male announcer ] let's say you need to take care of legal matters.
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>> 24 minutes past the hour. an earthquake measured magnitude 7.6 hit off the coast of costa rica triggered a tsunami warning in the pacific which has been narrowed to just close the rica, panama and nicaragua. the caribbean had first been issued by mistake. secretary of state hillary clinton met with chinese leaders in beijing best talks failed to narrow the gaps in syria. clinton trying to stop backing
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the regime of president assad. astronauts made their second space walk in six days to replace a critical component that helps to supply power to the international space station. it is a stock bulls that prevented the unit's installation last week. the second walk was a css this success. that is your fox news minute. back to cheryl casone. cheryl: thank you very much. appreciate it. as the online retail space grows so does the fight over online sales taxes. required to charge state sales tax like brick and mortar stores. they're threatening american jobs and on for norship. the ceo of the international council of shopping centers. this argument has been going on for a long time. many stores are showrooms for amazon but this is the system.
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how can you argue? >> where we are is we cannot go through another holiday season between brick and mortar retailers and that your play out of state online retailers and -- cheryl: if it drives consumption it serve as the economy. >> absolutely right. ticket drive the assumption and creates jobs is good for the economy but what is not fair is apparent price inequity because the out-of-state retailers are not required to collect sales taxes even though the consumer -- cheryl: amazon has a distribution center in florida which they do, that is jobs in florida. >> if amazon has a nexus in a state there required to collect they were -- sales taxes. that is part of the legislation -- supreme court decision over
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two decades-old. if you have a nexus in the state you are required to collect sales taxes if you sell to consumers in that state. if you are out of the state and selling to consumers in that state the state you are selling to does not have the right to ask the retailer to collect sales taxes from the consumer. >> most states do have some form not of brick and mortar but some form of office for distribution for shipping reasons. >> not true. most states do not. some pass legislation. he mentioned california and texas and what needs to be put in place as a federal solution so you don't have a patchwork quilt. that hurts business. of your business man trying to figure out the different regulations. cheryl: if it is a national no. what would it be?
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what would you charge? 7%? >> it doesn't matter as long as it is charged and connected. it is all about competition and it is also price but also convenience, quality and service and that is how retailers not to be competing. cheryl: thank you very much. good to have you on the show. dennis: how would 2% online tax be? so no p at does windows. the faltering phonemaker unveiling its windows-based since soft phone. let's look at some of today's s&p winners and losers.
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♪ >> reporter: i'm nicole petallides live on the floor of the new york stock exchange. up arrows for the major averages, and i wanted to take a closer look. on the move, and one of the reasons is because they're closing two plants located in maryland and france. they have one in venezuela which spurred down. what they're going to do, the have a workforce of about 5200 folks. there will be taking a charge of $25 million the current quarter for this restructuring, but with this move of closing those plants in maryland and france it will be cutting about 250 jobs. there is a look at today. -- today. some of the names under the umbrella include charlie and mitchell, so we're all very familiar. they compete directly. dennis: thank you. end shares of lucky get pelted this morning just after the company unveils its new comeback
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phone. a bad sign. adam shapiro joins us now with the president and ceo of nokia. >> reporter: were going to ask that question about what happened, but first, let me show you the lme and 920. in the fourth quarter select market this will be available. this from my user experience holding it you can see the microsoft operating system here. it is an exquisitely stunning device. a lot of people who say that is equally as important as the technology, but to discuss why headlines will be made about this phone, is stephen elop from nokia. the question at the people are asking is how you tell the consumer the story of this phone, 900, 820p reads as next week a competitor of yours is going to grab everyone's attention with their fifth iteration of what will be your competition. >> most important is to recognize we are on a journey of explaining to the consumer how we are different, how we have a
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unique point of view. what people saw today for the first time with the lumia 920 are things like the ability to take the best pictures and video if someone sees a picture taken with this device compared with any of the smart phone on the market or i daresay that comes on the market in the weeks and months ahead, they will be absolutely blown away, and we have to, with the consumers, show them those things. >> reporter: the way i would describe that because i use my blackberry right now and i take effect and will be blurry. you have this technology, not only is it -- it captures five times more light than any other camera or lens out there, but you also have the stabilization feature whether i'm shooting hd video, video, or the picture. it eliminates the line, blurry photo. will that be enough to convince consumers to have this phone? >> first of all, you nicely described one of the key capabilities. the flooding lens technology essentially offset sigil of your hand, so if your taking a picture and the middle of the light and darkness of a sudden
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you can't capture images that are not blurry. the bus would navigate your world using odd reality technology. hold up the device to look around the world. tappan navigate. but also, things that people respond well to. a screen that is in your hand is by far the brightest screen in sunland condition. you can use it on the beach. another great innovation we have introduced his wireless charging. said the device down and it charges immediately. no need to fumble with cables. so there are a lot of great innovations that sets us apart. >> reporter: great innovation. if you have a device that is superior and innovative beyond anything on the market, i can't get this -- only in selected markets in time for christmas. some people say nokia is playing catch-up to apple and samsung's. how do you say, no, we are not when i will be able to buy this for my kids or family or friends worldwide until after the first
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of the year? >> in a situation like this we have to be very selective of where we lend the new products, where we concentrate our marketing resources, sales resources and supply of devices, so we are being very deliberate. we are going through a transformation. we have to use our resources and a smart way, concentrate them in certain places, build momentum, take one step a time. >> reporter: very quickly, i have to wrap. investors were selling your shares and this was being announced. where were they selling? >> i can't speak for the investors, but today we were very proud to show the next up in this journey, and the ultimate decision making or a judgment on these devices will be by consumers as they use them as they talk about them with their friends. >> reporter: katie, thank you for joining us. i have to tell you, it is hard to let you feel what this is like in your hand, but it really is elegant. the microsoft system gets very good reviews from people who have used it. maybe you'll get a chance come october or november to see for
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yourself. thank you. dennis: that is a palmtop computer. thank you very much, and shapiro. cheryl: well, ahead of friday's unemployment report, democratic congressman is making the case for more investment in transportation and grain jobs. dennis: end, ready for some hot wings? buffalo wild swings ceo sally smith will be here, and so will the wings. this take a look at the tenure treasury.
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♪ >> reporter: i'm elizabeth macdonald with your fox business brief. government bailed out ing is selling its more than 9% stake in capital one for roughly $3 billion. the move by the dutch financial-services company is to help boost its capital ratios as it looks to repair the government bailout. fewer americans applied for home mortgages last week. according to the mortgage bankers association, applications fell two and a half% from the prior week as demand for refinancing slows further and knew home loans slipped. refinancings fell to the lowest level since may. in the united states has lost ground as a global economic power for a fourth straight year. according to a survey from the world economic forum the u.s.
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dropped to places to seventh. as confidence in the country's politicians continues to climb. switzerland is ranked number one for the fourth year in a row, and as the latest from the fox business network, giving you the power to prosper. [ female announcer ] they can be enlightening. hey, bro. or engaging. conversations help us learn and grow. at wells fargo, we believe you can never underestimate the power of a conversation. it's this exchange of ideas that helps you move ahead with confidence. so when the conversation turns to your financial goals... turn to us. if you need anything else, let me know. [ female announcer ] wells fargo. together we'll go far. [ female announcer ] wells fargo. energy is being produced to power our lives. while energy development comes with some risk, north america's natural gas producers are committed to safely and responsibly providing generations of cleaner-burning energy for our country, drilling thousands of feet below fresh water sources within self-contained well systems. and, using state-of-the-art monitoring technologies,
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rigorous practices help ensure our operations are safe and clean for our communities and the environment. we're america's natural gas. ♪ cheryl: well, wild ride for energy today. oil and gasoline futures just turning negative. phil flynn has the eye on energy for the cme. what's going on? >> reporter: in a big way. oil prices which were lower coming back up, and some of that may be on the ecb bond buying program. that, of course, is one thing. yesterday it seemed the market did not really pay attention to the stimulus news. there were more focused on how quickly we could give production back from the gulf of mexico. and that is when the big story, again today to mixed signals out of the gulf refineries are now. some that were supposed to be
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restarted yesterday were only restarted today. the bell phillips '66 refinery, that was supposed to be started. they have lost power again. that means futures have actually been higher today. gas problems still done in the gulf of mexico. back to you. cheryl: thank you very much. appreciated. dennis: get ready to dust off your old jersey and your bid. nfl football officially kicks off tonight. our next guest is cashing in on the endless supply of chicken wings that are devour during the football season. joining us now from minneapolis, sally smith, ceo and president of buffalo wild wings. thank you for being with us. happy couple season. wang said. you so the billion last year. what percentage of all of your wings were sold during the football season? >> i would say that during football season typically a larger revenue, i would say probably close to 30%.
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dennis: you so over 7 million lanes on superbowl sunday which is pretty impressive. is there any other football food that comes close to chicken wings? >> well, i don't know about that. i think that chicken wings are ubiquitous for football, sports, and we strive to a serve the best hot wings available as you are in watching one of your favorite teams played, starting tonight. dennis: exactly. are you an official football sponsor? >> we will be, for the first time, sponsoring the buffalo wildlings ball which will take place in tempe, ariz. at the end of december. we are not an official nfl sponsor, but we liked said think that we are synonymous with football and both professional and college. dennis: your own bowl game going on. that's great. you ought to distribute those. 840 restaurants in the chain,
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337 are company-owned, and you want to expand this to 1500 in five years. you do that by acquisition or are you going to grow this organically? >> the growth to the 1500 unit will be through organic growth. we have very committed franchisees' who are interested in continuing to develop as well as company stores, and as we have taken a look at the market we do think north america can hold above 1500 buffalo wildlings. a lot of places i'm still hearing from want us to open a buffalo wild wings in their neighborhood. dennis: all right. good luck to you and have a great football season and thank you for dropping an honest debate. cheryl: we are getting some breaking news from the west coast are now. some live pictures. there we go. los angeles police are reporting this is their robotic, the police robot that you're looking at. this robot is on the scene of a bank robbery. it is a bank of america branch,
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downtown los angeles, kind of east los angeles, if you will. two robbery suspects at this point were reported but cannot be found. right now there are unconfirmed reports that there may have been explosives tied to a woman inside of that bank. as you can see, live pictures, these are live pictures from east los angeles, our fox affiliate in los angeles. anyway, wanted to show you those right now. let's stay on the west coast. we will bring you our west coast minutes as we continue to bring you what is happening. also watching some big stories, and here is one of them. 3600-acre fire raging in the san gabriel mountains outside of los angeles. officials said it could take up to a week to contain the blaze which has burned five and a half square miles of far. also, portland, oregon officials may approve i proposal for a publicly subsidized to tell at the convention center. the proposal would require between ten and 36 million in public money, and that would
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include massive tax breaks. shares of high and are currently trading down $0.14. finally, once again, los angeles, the press is not ride for bob barker, the former game show host. he was not invited to the 4-year anniversary show because according to barker he has been critical of some of the price is in doubt. an animal rights activists criticized producers were sending contestants to see world and rodeos. cbs making no comment on the exclusion of mr. barker from the anniversary. dennis: how did he have an opinion. it is a quarter till. every 15 minutes we have stocks. >> reporter: we are taking a look of some movers and a broader market check. advanced micro devices. today we have seen it under pressure. ubs in particular now lowering their outlook on events the -- advanced micro talking about structural and competitive challenges that they're facing. the chip maker was also downgraded to neutral from a buy
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rating, saying shrinking serviceable market, that is one of the things. also just talking about intense competition from rivals. so those are couple of reasons why ubs's not so hot on advanced micro which is what you see the stock down. the market jack mcdowell, nasdaq, and s&p zero with up arrows. the dollar has been virtually flat. the fear index, no fear here. everybody is waiting to get a headline out of this tmz. of course friday's jobs report. dennis: thank you. in getting the job done. why democratic congressman john garamendi says money to be done to boost transportation and grain jobs. cheryl: first, take a look at some of today's winners over on the nasdaq. you do have -- the dow is positive. starbucks, oracle, and technology moving higher. we'll be right back.
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♪ cheryl: it is all about planes, trains, and automobiles. looking ahead to the jobs report on friday, our next guest wants to increase american manufacturing by enjoying every dollar a transportation investment but toward getting americans back to work. california congressman john garamendi joins me now from california. hello again. let's talk about this because it would get the jobs report on friday. he won 85 percent of all federally funded projects to be
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american made materials is that correct? >> that is correct. certainly the transportation sector. buses, trains, planes that we are using. our tax money buys. i'm simply saying, if it's our tax money, let's spend it on american equipment. 80 percent of the train must be built in america, and it can be done right here in sacramento. building locomotives 100 percent american made. okay. cheryl: were sitting on 16 trillion in national debt right now and the taxpayer is just to the max and concerned about that. if we are going to be fine spending american tax dollars on a new bridge, near wrote, fair enough, but soon we get the best deal for american taxpayers? >> it depends on whether you want a deal for china or america. if you want american workers to up be employed, if you want american businesses to have those opportunities, then you should be spending our tax
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dollars on american made equipment. it's that simple. that money circulates in america. cheryl: even if that increases the national debt. >> it won't increase the national debt at all. i'll give you an example. the san francisco opened a bridge. the steel was produced in china, supposed to be 10% cheaper. at the end of the day it turned out to be 10 percent more expensive and 6,000 jobs wound up in china, zero in america. those jobs would have paid american taxes. it's our tax money. rb going to spend it in china or america? my bill says 85 percent of your tax dollars, these are the gasoline taxes, the diesel tax that we pay at the pump, spend it in america. american jobs, american businesses. let's build from the inside out and rebuild our american manufacturing sector will be doing. canada is being done. cheryl: before i let you go, and this will be with the convention for the democrats, and that is the issue of great energy,
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solar, wind. you still to this day are defending when energy projects in california even though in many parts of the country they have been met with resistance, not in my backyard. do you thing that wind energy projects are still a vital piece of energy policy in this country? >> absolutely. wind energy, solar energy, great technology, advanced biofuels. interestingly, their in china's future, they're even in saudi arabia's future. any to be doing it in america. and we subsidize those projects once again make sure that our subsidies is spent on american equipment. kiffin a baena -- pawlenty user on monday, by where you what. cheryl: congressman, and live ring as always. we will see you in new york sent
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>> a pleasure. dennis: build as of five and a half% in the last month and hopes for further fed stimulus. can the rally last? sandra smith joins us with today's trade from the pits. >> reporter: that's a big question. especially when you start to get to those lofty levels. our six month high. we're down a bit today. the traders are very tentative ahead of tomorrow's ecb meeting in the ever important jobs report on friday. hitting a high of 1695 in today's session. still flirting with that $1,700 level. that's where they say it's key is for as well watching. hsbc is the one calling for a 10% correction. this is very heavily correlated to monetary policy. the stock market is heavily priced and. gold not so much.
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then make the case for a continued rally. hsbc says will take a break as they see how the job or place out. dennis: thank you. as a national debt starts to swell, up next we have to look at what if anything the democrats are saying about the than. cheryl: plus, fracking. can the obama administration take the credit? melissa and lori will investigate that. keep it right here. ♪
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it's law that just makes sense. cheryl: of the nondescript mistake. he have to clarify

Markets Now
FOX Business September 5, 2012 11:00am-1:00pm EDT

News/Business. Business news. New.

TOPIC FREQUENCY Nokia 9, Charlotte 9, Us 9, America 9, S&p 8, Clinton 7, U.s. 6, China 6, Costa Rica 6, Los Angeles 6, Dagen Mcdowell 5, Nicole Petallides 4, Cheryl Casone 4, Jack Gerard 4, California 4, New York 4, Buffalo 4, Stuart Varney 3, Connell Mcshane 3, Obama 3
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Duration 02:00:00
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